After reading the Graham, Campbell, and Rajgopal article, you might get the implication for the motivation of voluntary

[answerhappygod]

After reading the Graham, Campbell, and Rajgopal article, youmight get the implication for the motivation of voluntarydisclosure. Why does the article suggest that managers’ earningsguidance can destroy the firm’ value?
Because the preparation of the guidance is costly
The earnings guidance can increase agency cost by discouragingmanagers from focusing on long-term value increase
The guidance is generally not accurate, and make confusions inthe market
None of the above (this option is not correct)